NIGERIANS living abroad bear an irksome, double burden in the process of remitting money home to their loved ones and for investment purposes. As explained in a new report by the World Bank, the cost of sending money to Nigeria from overseas nearly topped the $3 billion mark in the two years to 2021. This is among the highest in the world.
As averagely high as Nigeria’s figure is, the cost of remittance is another burden entirely; it is just unnecessarily expensive to send money to Nigeria. This limits the potential of the Nigerian economy to attract higher migrant remittances from which Egypt, the leader in Africa, secured $29.6 billion in 2020. For Egypt, that was a net gain of 10.5 per cent, the World Bank says. Other net gainers in Diaspora remittances in 2020 included Pakistan with $26.1 billion or 17.
To reduce the cost of remittances, the monetary authorities should begin from the home front. Bank charges are nebulous and excessively high in Nigeria. From stamp duty to value-added tax, and account maintenance, the banking system imposes a lot of burden, extraneous charges on customers. It is nearly the same with migrant remittances. The World Bank says it can be as high as $16 to send $200 to Nigeria from overseas.
Diaspora remittances that come almost exclusively from the South.
All this things world bank lined out in the article is very important and I wish the govt of the day will adhere to it for it own benefits. Min.For finance /national planning,this is under your care now to make sure remitting to Nigeria 🇳🇬 is drastically deNebulized
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